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William Blair & Company initiated research coverage of Novanta Inc. (NOVT $54.00), a global supplier of photonics, vision, and motion control solutions to OEMs in medical and advanced industrial markets.

Analyst Brian Drab forecasts earnings to grow at a low-double-digit rate, with potential upside from accretive acquisitions; he estimates earnings per share of $1.58 in 2017, $1.90 in 2018, and $2.16 in 2019.

“Novanta has an established reputation as a premier supplier of photonics, precision motion and optical control solutions, and medical grade technologies,” Drab said. “The company holds a top-two share position in most of its niche markets and technologies, and new product development and innovation are integral to the company’s growth strategy. From 2012 to 2014, Novanta thoughtfully realigned the portfolio to focus on applications in markets experiencing secular growth, such as 3-D printing, advanced laser material processing, DNA sequencing, endoscopy, robotic surgery, and warehouse automation. The realignment has resulted in a portfolio with reduced cyclicality and volatility that we expect to grow at a mid- to high-single-digit rate.”

Drab continued, “Novanta’s well-respected brands and reputation for innovation have contributed to long-standing OEM relationships, a key competitive advantage. Almost all of Novanta’s products are customized to some degree, and Novanta is generally the sole supplier in most applications across all of its business lines. Once Novanta’s components are designed into an OEM system, there are significant barriers to subsequent supplier changes, and its products are included on customer platforms that have long life cycles. New products also help Novanta increase its penetration and market share with OEMs, strengthening customer relationships and increasing the chance of future design wins.”

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William Blair or an affiliate does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. This report is not intended to provide personal investment advice. The opinions and recommendations herein do not take into account individual client circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments, or strategies to particular clients. The recipient of this report must make its own independent decisions regarding any securities or financial instruments mentioned herein.

William Blair or an affiliate is a market maker in the security of Novanta Inc.

William Blair or an affiliate expects to receive or intends to seek compensation for investment banking services from Novanta Inc. or an affiliate within the next three months.

Officers and employees of William Blair or its affiliates (other than research analysts) may have a financial interest in securities of Novanta Inc.

* Percentage of companies in each rating category that are investment banking clients, defined as companies for which William Blair has received compensation for investment banking services within the past 12 months.

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The materials, information and services provided on the William Blair website are provided "as is" without warranty of any kind, either expressed or implied, including, but not limited to, the implied warranties of merchantability and fitness for a particular purpose. There is no warranty against interference with your enjoyment of any materials, information or services (including, but not limited to, any data, text, images, sounds or computer programs (including collections and compilations of them) or against infringement.

Neither William Blair nor any of its principals, officers, employees or affiliates shall be liable for any direct, indirect, special, consequential, punitive, exemplary and/or incidental damages of any kind whatsoever (including, but not limited to, lost profits or attorneys' fees) in any way due to, resulting from or arising in connection with your access to, inability to access, or use of the site, or from your reliance on any information provided on the site, even if William Blair has been advised of the possibility of such damages. This limitation applies to all causes of action in the aggregate including, but not limited to, breach of contract, breach of warranty, negligence, strict liability, misrepresentation and any other tort. In the event the foregoing limitation of liability set forth herein shall be for any reason held unenforceable or inapplicable, you agree that William Blair and its affiliates' aggregate Liability shall not exceed five hundred dollars ($500).

Neither William Blair nor its affiliates takes any responsibility or assumes any liability for any content uploaded or otherwise transmitted by you or any third party, or for any mistakes, defamation, slander, libel, omissions, falsehoods, obscenity, pornography, indecency, lewdness, harassment, threats, abuse or profanity you may encounter in using the William Blair website. You agree to hold harmless William Blair and its affiliates and parties with whom William Blair has contracted for purposes of hosting or maintaining the site from all claims based upon communications or materials made available by you on the site.

International Use

Neither William Blair nor its affiliates makes any representation that materials, features or services on the site are appropriate or available for use in locations outside the United States, and accessing them from territories where their contents are illegal is prohibited. Those who choose to access the site from other locations do so of their own initiative and are responsible for compliance with local laws.

Indemnification

Upon a request by William Blair, you agree to defend, indemnify and hold harmless William Blair and its affiliates, and their employees, contractors, officers and directors, from all liabilities, claims and expenses, including attorney's fees that arise from your use or misuse of the William Blair website. William Blair reserves the right, at its own expense, to assume the exclusive defence and control of any matter otherwise subject to indemnification by you, in which event you will cooperate with William Blair in asserting any available defences.

In the event William Blair determines, in its sole discretion, that you have violated these Terms, William Blair shall have the right to immediately terminate your access to the site, without prior notice to you, and/or pursue any other remedies available to it under applicable law.

Governing Law

This Agreement, and the respective rights and obligations of the parties hereto, shall be governed by and construed in accordance with the laws of the State of Illinois (excluding any conflict of law's provisions of the State of Illinois that would refer to and apply the substantive laws of another jurisdiction). Any suit or proceeding regarding the William Blair website or any part of the site shall be brought only in Illinois. Each of the parties consent to the exclusive personal jurisdiction and venue of the court, state and federal, located in city of Chicago, Illinois.

Updates to Terms

William Blair shall have the right to revise these Terms at any time by updating this posting. By using the William Blair website, you agree to be bound by any such revisions and should therefore periodically visit the site to determine the then-current Terms to which you are bound.